BNC Wealth Management LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• BNC Wealth Management LLC acquired a new position of 32,171 shares in The PNC Financial Services Group worth roughly $6.72 million, representing 1.7% of BNC's holdings and the firm's 18th largest holding.
• Insiders sold 64,186 shares in the past 90 days — including CEO William Demchak's sale of 50,000 shares and EVP Louis Cestello's sale of 4,279 — leaving insider ownership at just 0.38%.
• PNC recently beat estimates with $4.88 EPS on $6.07 billion in revenue, announced a quarterly dividend of $1.70 per share (3.0% yield), and carries a "Moderate Buy" consensus with an average target of $237.53.

BNC Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 32,171 shares of the financial services provider's stock, valued at approximately $6,715,000. The PNC Financial Services Group accounts for 1.7% of BNC Wealth Management LLC's holdings, making the stock its 18th largest holding.

Several other large investors have also recently added to or reduced their stakes in the company. State Street Corp increased its position in The PNC Financial Services Group by 0.5% during the 3rd quarter. State Street Corp now owns 17,242,132 shares of the financial services provider's stock worth $3,464,462,000 after buying an additional 85,291 shares during the period. Capital International Investors increased its position in The PNC Financial Services Group by 6.0% during the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock worth $2,177,318,000 after buying an additional 609,755 shares during the period. Viking Global Investors LP increased its position in The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after buying an additional 5,581,102 shares during the period. AQR Capital Management LLC increased its position in The PNC Financial Services Group by 32.6% during the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock worth $889,297,000 after buying an additional 1,086,941 shares during the period. Finally, Wellington Management Group LLP increased its position in The PNC Financial Services Group by 50.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock worth $700,305,000 after buying an additional 1,162,964 shares during the period. Institutional investors own 83.53% of the company's stock.

Insider Buying and Selling

In related news, EVP Louis Robert Cestello sold 4,279 shares of the firm's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the sale, the executive vice president directly owned 18,867 shares of the company's stock, valued at $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William S. Demchak sold 50,000 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the transaction, the chief executive officer owned 554,274 shares of the company's stock, valued at $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 64,186 shares of company stock valued at $14,840,973. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Performance

PNC opened at $223.22 on Friday. The firm has a market cap of $90.04 billion, a P/E ratio of 13.46, a price-to-earnings-growth ratio of 1.01 and a beta of 0.96. The PNC Financial Services Group, Inc has a 52-week low of $147.68 and a 52-week high of $243.94. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The business's fifty day moving average is $217.13 and its 200-day moving average is $205.71.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $0.65. The company had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The PNC Financial Services Group's quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.77 EPS. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is 40.99%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PNC. Barclays increased their price objective on The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an "overweight" rating in a research report on Monday, January 5th. TD Cowen increased their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Morgan Stanley lowered their price objective on The PNC Financial Services Group from $283.00 to $263.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 31st. Royal Bank Of Canada increased their price objective on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 20th. Finally, Wells Fargo & Company increased their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an "overweight" rating in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $237.53.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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